President Bola Ahmed Tinubu yesterday said the historic N100 trillion market capitalisation attained by the Nigerian stock market was a powerful signal of renewed confidence in the Nigerian economy.
He said the performance of the Nigerian stock market was reflective of the overall economic outlook and a clear evidence of the perception of foreign and domestic investors about the Nigerian economy.
He said: “With the Nigerian Exchange (NGX) crossing the historic N101 trillion market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation”.
According to him, the rally at the stock market underscores a fundamental shift in how Nigeria is perceived by global investors.
“Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered. As the stock market reflects the entire economy, its stellar performance is a significant indicator of the country’s economic health and the confidence investors have in our economy,” Tinubu said.
Nigerian equities continued their rally yesterday with the aggregate market capitalisation of all quoted equities at the NGX rising by N137 billion to close at N102.82 trillion.
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The All Share Index (ASI)- the value-based common index that tracks all share prices at the NGX gained 214.80 points to close at 160,806.56 points.
Nigerian equities had closed 2025 as one of the world’s five best-performing stock markets. The ASI- which doubles as Nigeria’s sovereign equities index, closed 2025 with a full-year return of 51.19 per cent, equivalent to net capital gain of N32.13 trillion.
The NGX yesterday said the performance of the market mirrored the success of the macroeconomic reforms of the President Tinubu’s administration.
Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Temi Popoola, commended President Tinubu for providing the policy clarity and reform momentum that have bolstered investor confidence.
He said: “This milestone underscores the success of ongoing reforms and the Exchange’s commitment to market depth, transparency, and inclusive growth. The capital market has responded positively to improved macroeconomic coordination and clear reform direction, creating an enabling environment for sustainable investment. It validates our focus on market development, innovation, and creating an environment where both local and global investors can deploy capital with confidence”.
Popoola assured that the NGX Group would continue to collaborate with regulators and stakeholders to attract quality listings, deepen liquidity, and expand retail participation, reinforcing our position as a catalyst for sustainable economic growth.
President Tinubu noted that the performance of the Exchange in 2025 stood out globally despite difficult conditions in many economies.
“In 2025, while many of the world’s markets struggled with stagnation or tepid recovery, the NGX All-Share Index was on the ascent. It closed 2025 with a 51.19 per cent return, higher than the 37.65 per cent recorded in 2024. This performance ranks among the highest in the world. Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group,” President Tinubu said.
He said the broad-based gains across sectors pointed to resilience and innovation among listed firms.
He said: “On the NGX, we have witnessed remarkable performances from listed companies across all sectors. From blue-chip industrial giants that have localised their supply chains, to a banking sector that has demonstrated resilience and technological innovation, Nigerian companies are proving that the country can deliver strong returns on investment”.
He added that the outlook for new listings remained strong, with major implications for market depth and ownership.
“The pipeline for new and upcoming listings looks robust. More indigenous energy firms, tech unicorns, telecoms, and infrastructure-heavy entities are seeking to access the public market to fund their expansion. As these firms are listed, they will boost market capitalisation and deepen democratic ownership of the Nigerian economy,” President Tinubu said.
He said the milestone at the NGX marked an inspiration for the investing public in the money and capital markets, urging Nigerians to deepen their investments in the domestic economy.
The President said the market rally was an indication of the wider macroeconomic improvements flowing from his reform agenda.
In a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, the President framed the NGX milestone within a broader national journey.
“We are not celebrating the superlative stock market performance in isolation. We are also celebrating the microeconomic effects of our reforms. After the initial headwinds that followed our reforms, we are finally seeing a bend in the inflation curve. Crucial monetary tightening and the removal of distortionary ‘Ways and Means’ financing have restored stability to the Naira,” Tinubu said.
He assured that 2026 would deliver even stronger returns as the government’s economic reforms continue to gather momentum.
He said: “Nation-building is a process, not a destination. Hard work, sacrifices, and the focus of its citizens build a nation. The N100 trillion market capitalisation is a signal to the world that the Nigerian economy is robust and productive.
“As your leader, I pledge to continue working unrelentingly to build an egalitarian, transparent, and high-growth economy that will be further catalysed by the historic tax and fiscal reforms that came into full implementation from January 1”.
He pointed out that policy actions and sectoral investments were already yielding results, noting that investments in the agriculture sector have contributed to a consistent decline in inflation over the past eight months. From a 24-month high of 34.8 per cent in December 2024, inflation decelerated to 14.45 per cent by November 2025, with projections indicating it could dip to 12 per cent in 2026.
The President assured that the government would consolidate on the gains of the previous year with sustained focus on key fundamentals of the economy.
He said: “Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians”.
Tinubu also highlighted improvements in Nigeria’s external position, citing current account and trade data.
He said: “Also noteworthy is the status of our nation’s current account, a valid measure of our overall economic health. In 2024, Nigeria posted a surplus of $16 billion. According to the Central Bank of Nigeria (CBN), our current account balance is projected to rise to $18.81 billion in 2026, up from $16.94 billion in 2025”.
On exports and reserves, the President said Nigeria was increasingly producing and trading more competitively, with Nigeria now exporting more and importing less of what it can produce locally. Non-oil exports surged by 48 per cent by the third quarter of 2025, totalling N9.2 trillion. Exports to Africa alone rose by 97 per cent to N4.9 trillion. Manufacturing exports increased by 67 per cent year-on-year in the second quarter of 2025, suggesting a strong close to the year.
“Nigeria’s foreign reserves have crossed the $45 billion mark, giving the Central Bank the firepower to maintain stability. The Naira has stabilised, moving away from the volatility that once fuelled speculation. The Central Bank of Nigeria, in its latest outlook, projects foreign reserves will cross the $50 billion threshold in the first quarter of 2026,” Tinubu said.
The President also drew attention to infrastructure and social sector improvements underway, saying “we are also seeing an expansion of the rail networks, the completion of major arterial roads and the revitalisation of our ports. With the transformative Lagos-Clabar and Sokoto-Badgry superhighways, the nation’s infrastructure is growing.”
He said progress was also being recorded in healthcare and education.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund (NELFUND), and universities are receiving increased research grants,” Tinubu said.
